NASDAQ-listed Xinhua Finance Media (XFML) swung to a loss in the first quarter of 2008 ending 31st March. The company posted a loss of US$8.3 million compared to a net profit of US$12.6 million in the same quarter in 2007. This converts into a loss of US$0.13 per share compared with earnings per share of US$0.23 in the first quarter in 2007. Revenues were US$36.7 million – up an impressive 120% year-on-year.  The company’s management was optimistic about XFML’s growth prospects in its three key businesses, broadcast, print and outdoor advertising. The full year revenue forecast was increased from US$190-$200 million to US$195-$205 million.Ms. Fredy Bush, XFMedia’s CEO noted, “We are pleased to report a great start to the year with strong year-over-year growth for the first quarter and overall results ahead of management forecasts. We focused on expanding our higher margin businesses such as Broadcast, Print and Outdoor. Integration has also been proceeding smoothly, with Production integrated into the Broadcast Group and Research integrated into the Advertising Group, giving us three business groups from five before.”  Source: Xinhua Finance press release

BIIA Newsletter May – 2008 Issue